Jakarta. Listed state-controlled constructor Wijaya Karya, known as Wika, has established a joint venture that will develop and operate a $385 million worth of toll road section connecting Serang to Panimbang in Banten, the company said in a filing to the Indonesia Stock Exchange on Wednesday (22/02).

Wika Serang-Panimbang joint venture, owned by Wika, state builder PP, and a subsidiary of listed industrial estate developer Jababeka, Jababeka Infrastruktur, has secured the necessary concessions to develop and operate the Serang-Panimbang Toll Road.

Wika has 80 percent stake in the venture, while PP holds 15 percent and Jababeka Infrastruktur the rest. Wika Serang-Panimbang is armed with Rp 1.21 trillion ($90.6 million) in paid-up capital, or the total amount of capital put up by its shareholders.

The joint venture won a tender for the toll road in January.

The 83.6-kilometer section, which will connect 14 districts and 48 subdistricts of Banten, is to be completed by 2018 and will also connect travelers to Ujung Kulon National Park, a tourism destination at the westernmost end of Java.

In the first nine months of 2016, Wika's net income was Rp 401.51 billion, up 2.8 percent from the same period a year earlier.

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